The Tragic year: 1931

Benjamin Anderson termed 1931 the "the tragic year" – these are some of the events in that tragic year:

One of Europe’s largest banks with large exposure to Central and Eastern Europe gets into serious trouble (It is of course Austria’s largest bank Österiechishe Kredit Anstalt – and it of course collapsed)

Europe's Sovereign debt crisis is threatening financial stability and currency collapse (It’s the Germans that are to blame – they can’t pay their war debts)

Major international banks push for a big country to save the sinners (The US banks ask US president Hoover to help ease the pain on Germany)

Debt restructuring (The Hoover moratorium gives Germany a bit of relief – the US banks are happy to begin with)